Nigeria’s financial system is projected to obtain N13.79tn in liquidity inflows in November 2026, as the Central Bank of Nigeria (CBN) moderates its Open Market Operations (OMO) interventions, probably easing strain on banks and fixed-income traders.
The projected inflows characterize a 2.16 per cent improve from the N13.50tn recorded in October, reflecting increased maturities of presidency securities, Federation Account Allocation Committee (FAAC) disbursements and coupon funds.
According to the Financial Markets Dealers Association (FMDA) in its October 2026 market report, complete anticipated inflows stand at N13.787tn, in contrast with N13.495tn within the previous month, representing a rise of roughly N292bn.
The projection comes amid a major enchancment in banking system liquidity, which elevated by 56.75 per cent to N7.373tn in October from N4.703tn in September, following a moderation within the CBN’s liquidity absorption actions.
OMO maturities are anticipated to present the most important contribution to November’s projected inflows, accounting for N8.927tn, or roughly 64.75 per cent of the whole.
FAAC allocations are projected at N2.50tn, representing 18.13 per cent, whereas Treasury Bills maturities are anticipated to contribute N1.919tn, equal to 13.92 per cent.
Together, these three sources will account for roughly 96.8 per cent of the anticipated liquidity inflows.
Other anticipated inflows embrace N323.154bn in Federal Government bond coupon funds, N68.032bn in company bond coupons and N50.016bn from business paper maturities.
The report additionally identifies a $105.94m Eurobond coupon fee due in November, though that is excluded from the naira liquidity projection.
A notable improvement is the projected 46.49 per cent improve in Treasury Bills maturities to N1.919tn from N1.310tn in October, representing a further N609bn coming into the financial system.
OMO maturities, nevertheless, are anticipated to decline by 1.37 per cent, whereas Federal Government bond coupon funds are projected to fall by 49.08 per cent.
The liquidity outlook follows a shift within the CBN’s method to financial operations.
According to the FMDA, the apex financial institution allotted N6.182tn in contemporary OMO securities towards N9.051tn in maturities throughout October. This left a internet reimbursement distinction of roughly N2.87tn, indicating that extra funds matured than have been absorbed by new issuances.
This contrasts with September, when the CBN offered roughly N17.51tn in OMO securities towards maturities of N10.89tn, leading to a internet liquidity withdrawal of about N6.62tn.
The decreased tempo of liquidity absorption in the direction of the tip of October contributed to increased banking system balances, with the CBN additionally decreasing allotments at its closing OMO public sale of the month.
For banks and fixed-income traders, the anticipated inflows might improve out there funds for lending and funding in short-term securities, notably if the CBN continues to keep selective allotments at its OMO auctions.
However, the extra liquidity doesn’t routinely translate into equal will increase in funds out there to banks, as authorities money actions, contemporary securities issuance and reinvestment choices will affect the precise impression.
The FMDA famous that interbank funding charges remained comparatively steady throughout October. The Nigeria Overnight Financing Rate closed unchanged at 20 per cent, whereas the in a single day price declined marginally by 5 foundation factors to 20.38 per cent.
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